On the earnings call, the airline said it has limited visibility on second-quarter earnings due to macroeconomic uncertainty and did not provide EBITDAR margin guidance, Derchin said in a Monday note. The analyst lowered his earnings per share estimates for the company following the quarterly print.

"While Volaris has an industry-leading cost structure, we have little visibility on earnings due to weakness in the domestic market and geopolitical uncertainty," Derchin said.

Despite a strong business model with the lowest cost structure among its Mexican peers, the following macroeconomic headwinds are likely to hurt the airline, the analyst said: